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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission file number 001-41864

Hut 8 Corp.

(Exact name of registrant as specified in its charter)

Delaware	92-2056803
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1101 Brickell Avenue, Suite 1500
Miami, Florida	33131
(Address of principal executive offices)	(Zip Code)

(305) 224-6427

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HUT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of November 3, 2025, the registrant had 108,036,632 shares of its common stock outstanding.

Table of Contents

Table of Contents


		Page

Cautionary Statement Regarding Forward-Looking Statements		2

PART I – FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		51
Item 3. Quantitative and Qualitative Disclosures About Market Risk		70
Item 4. Controls and Procedures		71

PART II – OTHER INFORMATION		72
Item 1. Legal Proceedings		72
Item 1A. Risk Factors		72
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		72
Item 3. Defaults Upon Senior Securities		72
Item 4. Mine Safety Disclosures		72
Item 5. Other Information		72
Item 6. Exhibits		76

Signatures		77

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if proven incorrect or do not materialize, could cause our results to differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements generally are identified by the words “intend,” “plan,” “may,” “should,” “will,” “project,” “estimate,” “anticipate,” “believe,” “expect,” “continue,” “potential,” “opportunity,” and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including those described in Part I, Item 1A, “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report”) and in Part II, Item 1A, “Risk Factors” of this Quarterly Report. Except as required by law, we do not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Hut 8 Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

(in USD thousands, except share and per share data)


	September 30,		December 31,
	2025		2024
	(Unaudited)		(Audited)
Assets
Current assets
Cash	$	33,493	$	85,044
Restricted cash		6,136		591
Accounts receivable, net		6,673		6,989
Deposits and prepaid expenses		40,386		52,679
Derivative asset		4,166		18,076
Digital assets – pledged for miner purchase		110,418		92,389
Digital assets receivable		19,630		—
Income taxes receivable		2,505		1,073
Total current assets		223,407		256,841

Non-current assets
Derivative asset		63,723		—
Digital assets – held in custody		522,197		525,235
Digital assets – pledged for miner purchase		272,051		—
Digital assets – pledged as collateral		657,600		331,876
Property and equipment, net		646,724		221,681
Operating lease right-of-use asset		19,025		20,593
Deposits and prepaid expenses		8,388		7,886
Investment in unconsolidated joint venture		50,178		82,015
Other investments		6,378		6,378
Intangible assets, net		11,931		13,273
Goodwill		206,619		53,082
Total non-current assets		2,464,814		1,262,019
Total assets	$	2,688,221	$	1,518,860

Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses	$	62,001	$	41,786
Miner purchase liability, current portion		100,910		15,096
Deferred revenue		1,961		6,199
Operating lease liability, current portion		2,915		2,689
Finance lease liability, current portion		7,690		4,783
Derivative liability		4,438		18,437
Loans, notes payable, and other financial liabilities, current portion		130,085		64,965
Total current liabilities		310,000		153,955

Non-current liabilities
Miner purchase liability, less current portion		286,203		—
Operating lease liability, less current portion		16,828		18,675
Finance lease liability, less current portion		15,745		18,917
Loans, notes payable, and other financial liabilities, less current portion		217,387		235,620
Deferred tax liabilities		187,817		111,114
Warrant liability		571		—
Total non-current liabilities		724,551		384,326
Total liabilities		1,034,551		538,281

Commitments and contingencies

Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		—		—
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 106,311,648 and 99,478,012 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		1,063		995
Additional paid-in capital		1,176,823		789,597
Retained earnings (accumulated deficit)		285,162		231,630
Accumulated other comprehensive (loss) income		(20,962)		(45,553)
Total Hut 8 Corp. stockholders’ equity		1,442,086		976,669
Non-controlling interests		211,584		3,910
Total equity		1,653,670		980,579
Total liabilities and equity	$	2,688,221	$	1,518,860

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

Hut 8 Corp. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited, in USD thousands, except share and per share data)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2025	2024			2025	2024
Revenue:
Power	$	8,367	$	26,185	$	18,239	$	46,653
Digital Infrastructure		5,107		3,854		7,936		14,962
Compute		70,036		13,696		120,449		61,542
Other		—		—		—		7,534
Total revenue		83,510		43,735		146,624		130,691

Cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power		6,494		4,991		15,122		14,073
Cost of revenue – Digital Infrastructure		3,804		3,667		7,483		12,627
Cost of revenue – Compute		22,032		8,901		50,160		35,196
Cost of revenue – Other		—		—		—		4,446
Total cost of revenue		32,330		17,559		72,765		66,342

Operating (income) expenses:
Depreciation and amortization		27,795		10,462		62,152		33,465
General and administrative expenses		25,858		16,175		77,075		54,073
(Gains) losses on digital assets		(76,595)		1,552		(181,841)		(201,180)
Loss (gain) on sale of property and equipment		1,467		(444)		3,609		(634)
Total operating (income) expenses		(21,475)		27,745		(39,005)		(114,276)
Operating income (loss)		72,655		(1,569)		112,864		178,625

Other income (expense):
Foreign exchange (loss) gain		(1,530)		703		1,593		(976)
Interest expense		(8,616)		(7,938)		(24,481)		(20,231)
Asset contribution costs		—		—		(22,780)		—
Gain on debt extinguishment		—		5,966		—		5,966
Gain on derivatives		5,141		2,704		7,600		19,923
(Loss) gain on other financial liability		(237)		—		721		—
Gain on warrant liability		26		—		26		—
Equity in earnings of unconsolidated joint venture		2,192		1,495		4,621		8,457
Total other (expense) income		(3,024)		2,930		(32,700)		13,139

Income from continuing operations before taxes		69,631		1,361		80,164		191,764

Income tax provision		(19,019)		(453)		(26,388)		(2,975)

Net income from continuing operations	$	50,612	$	908	$	53,776	$	188,789

Loss from discontinued operations (net of income tax benefit of nil, nil, nil and nil, respectively)		—		—		—		(9,364)

Net income		50,612		908		53,776		179,425

Less: Net (income) loss attributable to non-controlling interests		(503)		(261)		(244)		232
Net income attributable to Hut 8 Corp.	$	50,109	$	647	$	53,532	$	179,657

Net income per share of common stock:
Basic from continuing operations attributable to Hut 8 Corp.	$	0.48	$	0.01	$	0.52	$	2.10
Diluted from continuing operations attributable to Hut 8 Corp.	$	0.43	$	0.01	$	0.49	$	1.95

Weighted average number of shares of common stock outstanding:
Basic		105,565,856		91,182,107		104,232,145		90,178,607
Diluted		121,761,796		96,407,378		110,073,146		97,984,059

Net income	$	50,612	$	908	$	53,776	$	179,425
Other comprehensive income:
Foreign currency translation adjustments		(16,442)		8,057		24,637		(10,379)
Total comprehensive income		34,170		8,965		78,413		169,046
Less: Comprehensive (income) loss attributable to non-controlling interest		(494)		(395)		(290)		162
Comprehensive income attributable to Hut 8 Corp.	$	33,676	$	8,570	$	78,123	$	169,208

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

Hut 8 Corp. and Subsidiaries

Condensed Consolidated Statements of Equity

(Unaudited, in USD thousands, except share data)

Nine Months Ended September 30, 2024


						(Accumulated
				Additional		Deficit)				Accumulated Other
	Common Stock			Paid-in		Retained		Non-controlling		Comprehensive		Total
	Shares	Amount		Capital		Earnings		Interests		Income (Loss)		Equity
Balance, December 31, 2023	88,962,964	$	889	$	576,241	$	(100,252)	$	—	$	10,761	$	487,639
Issuance of common stock – stock option exercises	341,013		3		129		—		—		—		132
Issuance of common stock – restricted stock unit settlements	148,842		2		(2)		—		—		—		—
Issuance of common stock – restricted stock unit settlements, net of withholding taxes	4,046		—		(30)		—		—		—		(30)
Acquisition of subsidiary with non-controlling ownership interests	—		—		—		—		8,743		—		8,743
Stock-based compensation	—		—		4,474		—		—		—		4,474
Foreign currency translation adjustments	—		—		—		—		35		(11,109)		(11,074)
Net income	—		—		—		250,876		—		—		250,876
Net loss attributable to non-controlling interest	—		—		—		—		(169)		—		(169)
Balance, March 31, 2024	89,456,865	$	894	$	580,812	$	150,624	$	8,609	$	(348)	$	740,591
Issuance of common stock – stock option exercises	722,404		8		275		—		—		—		283
Issuance of common stock – restricted stock unit settlements	745,959		7		(7)		—		—		—		—
Issuance of common stock – restricted stock unit settlements, net of withholding taxes	1,881		—		(10)		—		—		—		(10)
Issuance of common stock – deferred stock unit settlements	17,850		—		—		—		—		—		—
Stock-based compensation	—		—		7,010		—		—		—		7,010
Foreign currency translation adjustments	—		—		—		—		(99)		(7,263)		(7,362)
Net loss	—		—		—		(71,866)		—		—		(71,866)
Net loss attributable to non-controlling interest	—		—		—		—		(324)		—		(324)
Balance, June 30, 2024	90,944,959	$	909	$	588,080	$	78,758	$	8,186	$	(7,611)	$	668,322
Issuance of common stock – stock option exercises	171,822		2		65		—		—		—		67
Issuance of common stock – restricted stock unit settlements	82,283		1		(1)		—		—		—		—
Issuance of common stock – debt extinguishment	2,313,435		23		30,162		—		—		—		30,185
Stock-based compensation	—		—		4,957		—		—		—		4,957
Foreign currency translation adjustments	—		—		—		—		134		7,923		8,057
Net income	—		—		—		647		—		—		647
Net income attributable to non-controlling interest	—		—		—		—		261		—		261
Balance, September 30, 2024	93,512,499	$	935	$	623,263	$	79,405	$	8,581	$	312	$	712,496

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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Nine Months Ended September 30, 2025


				Additional						Accumulated Other
	Common Stock			Paid-in		Retained		Non-controlling		Comprehensive		Total
	Shares	Amount		Capital		Earnings		Interests		Loss		Equity
Balance, December 31, 2024	99,478,012	$	995	$	789,597	$	231,630	$	3,910	$	(45,553)	$	980,579
Issuance of common stock – at-the-market offering, net of issuance costs	4,205,019		42		111,969		—		—		—		112,011
Issuance of common stock – stock option exercises	327,204		3		124		—		—		—		127
Issuance of common stock – restricted stock unit settlements	140,275		2		(2)		—		—		—		—
Stock-based compensation	—		—		3,793		—		—		—		3,793
Issuance of warrants by subsidiary	—		—		1,449		—		—		—		1,449
Non-controlling interest in American Bitcoin Corp.	—		—		(1,354)		—		24,222		—		22,868
Foreign currency translation adjustments	—		—		—		—		(1)		1,188		1,187
Net loss	—		—		—		(133,889)		—		—		(133,889)
Net loss attributable to non-controlling interest	—		—		—		—		(430)		—		(430)
Balance, March 31, 2025	104,150,510	$	1,042	$	905,576	$	97,741	$	27,701	$	(44,365)	$	987,695
Issuance of Class A common stock by American Bitcoin Corp., net of issuance costs	—		—		122,556		—		92,719		—		215,275
Issuance of common stock – stock option exercises	28,159		—		11		—		—		—		11
Issuance of common stock – restricted stock unit settlements	239,458		2		(2)		—		—		—		—
Stock-based compensation	—		—		7,640		—		—		—		7,640
Issuance of warrants by subsidiary	—		—		354		—		—		—		354
Non-controlling interest in American Bitcoin Corp.	—		—		(913)		—		930		—		17
Foreign currency translation adjustments	—		—		—		—		56		39,836		39,892
Net income	—		—		—		137,312		—		—		137,312
Net income attributable to non-controlling interest	—		—		—		—		171		—		171
Balance, June 30, 2025	104,418,127	$	1,044	$	1,035,222	$	235,053	$	121,577	$	(4,529)	$	1,388,367
Issuance of Class A common stock by American Bitcoin Corp., net of issuance costs	—		—		51,572		—		36,420		—		87,992
American Bitcoin Corp. Class A common stock consideration for the ABTC Merger	—		—		85,989		—		49,834		—		135,823
Issuance of Class A common stock by American Bitcoin Corp. – warrant exercises	—		—		5,161		—		3,259		—		8,420
Warrants assumed by American Bitcoin Corp. from the ABTC Merger	—		—		18		—		—		—		18
Deferred income tax on American Bitcoin Corp. – equity transactions	—		—		(50,684)		—		—		—		(50,684)
Issuance of common stock – at-the-market offering, net of issuance costs	1,635,659		16		42,772		—		—		—		42,788
Issuance of common stock – stock option exercises	204,726		2		78		—		—		—		80
Issuance of common stock – restricted stock unit settlements	53,136		1		(1)		—		—		—		—
Stock-based compensation	—		—		6,696		—		—		—		6,696
Foreign currency translation adjustments	—		—		—		—		(9)		(16,433)		(16,442)
Net income	—		—		—		50,109		—		—		50,109
Net income attributable to non-controlling interest	—		—		—		—		503		—		503
Balance, September 30, 2025	106,311,648	$	1,063	$	1,176,823	$	285,162	$	211,584	$	(20,962)	$	1,653,670

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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Hut 8 Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited, in USD thousands)


	Nine Months Ended
	September 30,
	2025		2024
Operating activities
Net income	$	53,776	$	179,425
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		62,152		33,465
Amortization of operating right-of-use assets		1,933		996
Non-cash lease expense		1,819		1,270
Stock-based compensation		17,751		16,441
Equity in earnings of unconsolidated joint venture		(4,621)		(8,457)
Distributions of earnings from unconsolidated joint venture		36,459		11,000
Compute revenue related to Bitcoin mining		(108,613)		(55,880)
Hosting revenue earned in Bitcoin		—		(3,871)
Gains on digital assets		(181,841)		(201,180)
Deferred tax assets and liabilities		26,175		2,536
Gain on debt extinguishment		—		(5,966)
Non-cash income		—		(3,578)
Foreign exchange (gain) loss		(1,593)		976
Amortization of debt discount		498		4,047
Loss (gain) on sale of property and equipment		3,609		(634)
Gain on derivatives		(7,600)		(19,923)
Gain on other financial liability		(721)		—
Gain on warrant liability		(26)		—
Paid-in-kind interest expense		15,979		12,093
Loss on discontinued operations		—		9,364
Asset contribution costs		22,780		—
Changes in assets and liabilities:
Accounts receivable, net		542		(155)
Deposits and prepaid expenses		(17,551)		(1,467)
Equipment held for sale		—		3,907
Income taxes receivable		(1,432)		(1,943)
Accounts payable and accrued expenses		6,708		(19,265)
Deferred revenue		(4,238)		2,935
Operating lease liabilities		(3,811)		(2,448)
Deposit liability		—		(583)
Net cash used in operating activities		(81,866)		(46,895)

Investing activities
Proceeds from sale of digital assets		3,737		65,648
Bitcoin purchased		(287,780)		—
Other digital asset purchased		(25,000)		—
Deposit paid to purchase miners and mining equipment		—		(48,543)
Purchases of property and equipment		(147,898)		(77,787)
Proceeds from sale of property and equipment		5,218		4,851
Additions to intangible assets		(1,011)		(286)
Cash paid to acquire investment in Ionic		—		(6,378)
Cash acquired on Far North JV acquisition		—		1,792
Cash acquired from ABTC Merger		894		—
Net cash used in investing activities		(451,840)		(60,703)

Financing activities
Proceeds from loans payable		65,000		14,849
Proceeds from notes payable		—		150,000
Proceeds from subsidiary warrants exercised		6		—
Net proceeds from covered call options premium		9,510		20,844
Repayments of loans payable		(36,514)		(34,039)
Debt issuance costs paid		—		(867)
Principal payments on finance lease		(2,170)		(1,617)
Payment of withholding tax on vesting of restricted stock units		—		(40)
Proceeds from the issuance of common stock – stock option exercises		218		482
Proceeds from the issuance of common stock – at-the-market offering, net of issuance costs		154,799		—
Proceeds from the issuance of American Bitcoin Corp. Class A common stock – at-the-market offering, net of issuance costs		87,992		—
Proceeds from the issuance of American Bitcoin Corp. Class A common stock, net of issuance costs		205,275		—
Proceeds from other financial liability		3,500		—
Net cash provided by financing activities		487,616		149,612

Effect of exchange rate changes on cash, and restricted cash		84		(60)
Net (decrease) increase in cash		(46,006)		41,954
Cash, beginning of period		85,635		30,957
Cash, and restricted cash, end of period	$	39,629	$	72,911

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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	Nine Months Ended
	September 30,
	2025		2024
Supplemental cash flow information:
Cash paid for interest	$	6,614	$	5,660
Cash paid for income taxes	$	1,669	$	1,434

Non-cash transactions
Reclassification of deposits and prepaid expenses to property and equipment	$	—	$	400
Right-of-use assets obtained in exchange for operating lease liabilities	$	16	$	8,072
Mining revenue in accounts receivable, net	$	—	$	255
Property and equipment in miner purchase liability	$	352,980	$	—
Common stock issued in connection with debt extinguishment	$	—	$	30,185
Net income (loss) attributable to non-controlling interests	$	244	$	(232)
Assets acquired net of liabilities assumed on Far North JV acquisition, net of cash	$	—	$	7,691
Assets acquired, including goodwill, net of liabilities assumed in the ABTC Merger, net of cash acquired	$	134,929	$	—
Additional plant and equipment assumed after sale leaseback agreement	$	—	$	832
Issuance of common stock - restricted stock unit settlements	$	5	$	10
Cash injected into Far North JV from wholly-owned subsidiary	$	—	$	2,700
Issuance of warrants by subsidiary as finance lease payments	$	1,803	$	—
Digital assets received for the issuance of Class A common stock by American Bitcoin Corp.	$	10,000	$	—
Stock-based compensation capitalized in property and equipment, net	$	378	$	—
Subsidiary warrants exercised	$	5,155	$	—

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Organization

Nature of operations and corporate information

Hut 8 Corp. (together with its consolidated subsidiaries, the “Company,” “Hut 8,” “we,” “us,” or “our”) is an energy infrastructure platform that integrates Power, Digital Infrastructure, and Compute at scale to fuel next-generation, energy-intensive use cases. The Company takes a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. The Company was incorporated in Delaware in January 2023. As of September 30, 2025, the Company’s platform spanned 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta; 1,530 megawatts of energy under development across four sites in Louisiana, Texas, and Illinois; 1,255 megawatts of energy capacity under exclusivity; and 5,865 megawatts of energy capacity under diligence.

Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements

Basis of presentation

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all the information and footnotes required by GAAP for complete financial statements. As such, the information included in this Quarterly Report should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2024, and related notes thereto, included in the Annual Report.

Interim results are not necessarily indicative of results for a full year.

The U.S. Dollar is the functional and presentation currency of the Company.

Significant accounting policies followed by the Company in the preparation of the accompanying Unaudited Condensed Consolidated Financial Statements are summarized below.

Principles of consolidation

These Unaudited Condensed Consolidated Financial Statements of the Company include the accounts of the Company and its controlled subsidiaries. Consolidated subsidiaries’ results are included from the date the subsidiary was formed or acquired. Intercompany balances and transactions have been eliminated in consolidation.

Unconsolidated investments in which the Company does not have a controlling interest but does have significant influence are accounted for as equity method investments, with earnings recorded in other income (expense). These investments are included in long-term assets and the Company’s proportionate share of income or loss is included in other income (expense).

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. The Company believes that the reclassifications did not have a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements and related disclosures. The impact on any prior period disclosures was immaterial.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Recent accounting pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its Unaudited Condensed Consolidated Financial Statements and ensures that there are proper controls in place to ascertain that the Company’s Unaudited Condensed Consolidated Financial Statements properly reflect the change.

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Update ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for internal-use software to current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of adopting the standard.

In January 2025, the FASB issued Update ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2025-01 was issued to clarify the effective date for Update ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities to provide additional disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization related to oil-and-gas producing activities. ASU 2024-03 is effective for the first annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of adopting the standard.

In October 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency in income tax reporting. ASU 2023-09 requires public business entities to disclose more detailed information about the nature and composition of deferred tax assets and liabilities, including the impact of tax law changes on current taxes payable. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of adopting the standard.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of the Company’s Unaudited Condensed Consolidated Financial Statements include estimates associated with revenue recognition, determining the useful lives and recoverability of long-lived assets, impairment analysis of finite-lived intangibles, goodwill and digital assets, stock-based compensation, and current and deferred income tax assets (including the associated valuation allowance) and liabilities.

Accounts receivable

Accounts receivable consists of amounts due from the Company’s Power, Digital Infrastructure, and Compute customers. The Company records accounts receivable at the invoiced amount less an allowance for any potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, the Company considers many factors, including the age of the balance, collection history, and current economic trends. Bad debts are written off after all collection efforts have ceased.

Table of Contents

Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Allowances for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses are recorded in General and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Based on the Company’s current and historical collection experience, management recorded allowances for doubtful accounts of $0.2 million and $0.2 million as of September 30, 2025 and December 31, 2024, respectively.

Fair value measurement

The Company’s financial assets and liabilities are accounted for in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2— Observable, market-based inputs, other than quoted prices included in Level 1, for the assets or liabilities either directly or indirectly.

Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or a liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

Assets and liabilities measured at fair value on a recurring basis

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of September 30, 2025 and December 31, 2024:


	Fair value measured at September 30, 2025
	Total carrying				Significant other		Significant
	value at		Quoted prices in		observable		unobservable
	September 30,		active markets		inputs		inputs
(in USD thousands)	2025		(Level 1)		(Level 2)		(Level 3)
Digital assets	$	1,562,266	$	1,562,266	$	—	$	—
Bitcoin redemption option		67,889		—		67,889		—
Covered call options		(4,438)		—		(4,438)		—
Separated embedded derivative from Investment Tokens		(5,370)		—		(5,370)		—
Other financial liability		(2,779)		—		—		(2,779)
Warrant liability		(571)		—		—		(571)

Table of Contents

Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements


	Fair value measured at December 31, 2024
	Total carrying				Significant other		Significant
	value at		Quoted prices in		observable		unobservable
	December 31,		active markets		inputs		inputs
(in USD thousands)	2024		(Level 1)		(Level 2)		(Level 3)
Digital assets	$	949,500	$	949,500	$	—	$	—
Bitcoin redemption option		18,076		—		—		18,076
Covered call options		(18,437)		—		(18,437)		—

In determining the fair value of its digital assets, the Company is able to cite quoted prices as determined by the Company’s principal market, which is the Coinbase exchange. As such, the Company’s digital assets were determined to be Level 1 assets. See Digital assets below for a description of the Company’s digital asset accounting policy.

The Company estimates the fair value of its Bitcoin redemption option using the Black model, which includes several inputs and assumptions, including the forward price of the underlying asset (Bitcoin), the underlying asset’s implied volatility, the risk-free interest rate, and the expected term of the redemption option. The Company previously used the Black-Scholes pricing model and reflected the observable forward price of the underlying asset in the estimation of fair value but now uses the Black model as the forward price of the underlying asset is a direct input of the Black model. In addition, management’s assumption of the start of the redemption period, triggered by a shipment date of purchased property and equipment, was previously a significant unobservable input that has now resolved and is no longer a significant unobservable input. The Company previously determined that the Bitcoin redemption option was a Level 3 liability given a significant unobservable input was included in its valuation. As a result of the resolution of the previously significant unobservable input, the Company transferred the Bitcoin redemption option out of Level 3 into Level 2 during the nine months ended September 30, 2025.

See Derivatives below for a description of certain of the Company’s derivative instrument accounting policies.

In estimating the fair value of its covered call options, the Company uses the Black model, which includes several inputs and assumptions, including the forward price of the underlying asset (Bitcoin), the underlying asset’s implied volatility, the risk-free interest rate, and the expected term of the options. The expected term of the options is the contractual term of the options given the options can only be exercised on their expiry date (i.e., European-style options). The Company previously used the Black-Scholes pricing model and reflected the observable forward price of the underlying asset in the estimation of fair value but now uses the Black model as the forward price of the underlying asset is a direct input of the Black model. The Company determined that the covered call options are Level 2 liabilities given all inputs are observable, but the options themselves are not traded in an active market.

The fair value of the separated embedded derivative from World Liberty Financial, Inc. tokens (“Investment Tokens”) is determined based on its intrinsic value, which is the difference between the market price of the Investment Tokens on measurement date and the purchase price. The Company determined that the separated embedded derivative from Investment Tokens is a Level 2 liability given all inputs are observable, but the derivative itself is not traded in an active market.

The Company estimates the fair value of its separated embedded derivative from convertible note, namely from the Company’s Coatue Note, using the partial differential equation model (“PDE Model”), which includes several inputs and assumptions including the Company’s common stock price at the time of valuation, the implied volatility of the Company’s common stock matching the moneyness of the conversion option, the risk-free interest rate curve, and the instrument’s estimated credit spread. In addition, management’s assumption of the probability of occurrence of the separated embedded derivative from the convertible note’s trigger event is a significant unobservable input. For quantitative disclosure on the inputs used to estimate the fair value of the Company’s separated embedded derivative from convertible note, see Note 12. Derivatives. The Company determined that the separated embedded derivative from convertible note is a Level 3 liability given significant unobservable inputs are included in its valuation.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The Company estimated the fair value of its other financial liability using the Probability-Weighted Expected Return Method (“PWERM”), which includes significant unobservable inputs, including the instrument’s estimated credit spread, and as a result, the Company determined that the other financial liability is a Level 3 liability. For quantitative disclosure on the inputs used to estimate the fair value of the Company’s other financial liability, see Note 11. Loans, notes payable, and other financial liabilities. See Other Financial liability for a description of the Company’s other financial liability accounting policy.

The Company estimated the fair value of its warrant liability using the Black-Scholes pricing model, which includes significant unobservable inputs, including the expected term of the warrants, and as a result, the Company determined that the warrant liability is a Level 3 liability. For quantitative disclosure on the inputs used to estimate the fair value of the Company’s warrant liability, see Note 12. Derivatives. See Warrant liability for a description of the Company’s warrant liability accounting policy.

Assets and liabilities measured at fair value on a non-recurring basis

In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company’s non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, and property and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized. The Company had nil impairment from its continuing operations related to its non-financial assets and liabilities measured on a non-recurring basis during the three and nine months ended September 30, 2025 and September 30, 2024, respectively. The Company had nil impairment on its discontinued operations related to the Drumheller site’s non-financial assets and liabilities measured on a non-recurring basis during the three and nine months ended September 30, 2025. The Company recognized approximately nil and $6.1 million of impairment losses from its discontinued operations during the three and nine months ended September 30, 2024, respectively. See the Impairment of long-lived assets and goodwill accounting policy below, as well as Note 5. Discontinued operations for further discussion.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, accounts payable, and accrued expenses, approximate fair value due to the short-term nature of these instruments. The carrying value of loans and notes payable and other long-term liabilities approximate fair value as the related interest rates approximate rates currently available to the Company except for the Company’s convertible note. See Derivatives and Convertible instruments below for a description of the Company’s derivative instrument accounting policy and convertible instrument accounting policy, respectively, and Note 11. Loans, notes payable, and other financial liabilities for disclosure on the Company’s convertible note.

Impairment of long-lived assets and goodwill

The Company reviews long-lived assets and goodwill for impairment at least annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of such assets (or asset groups) may not be fully recoverable. The asset (or asset group) to be held and used that is subject to impairment review represents the lowest level of identifiable cash flows that is largely independent of other groups of assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered unrecoverable, the impairment loss to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Factors the Company considers that could trigger an impairment include, but are not limited to, the following: significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant underperformance relative to expected historical or projected development milestones, significant negative regulatory or economic trends, and significant technological changes that could render the asset (or asset group) obsolete. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary. When recognized, impairment losses related to long-lived assets to be held and used in operations are recorded as cost and expenses in the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three and nine months ended September 30, 2025 and September 30, 2024, there was nil impairment from continuing operations. For the discontinued operations, there were nil impairment losses pertaining to the Company’s asset groups for the three months ended September 30, 2025 and September 30, 2024. There were nil and $6.1 million of impairment losses pertaining to the Company’s asset groups for the nine months ended September 30, 2025 and September 30, 2024, respectively.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Derivatives

The Company accounts for the derivative contracts it enters into and the separated embedded derivatives as follows:

Bitcoin redemption option

The Company has entered into an agreement to purchase property and equipment that includes a pledge of Bitcoin and a right to redeem the pledged Bitcoin for a certain period after the redemption period starts. The redemption period starts when the purchased property and equipment is shipped. The amount of Bitcoin that can be redeemed is pro-rata of the percentage of property and equipment shipped. This Bitcoin redemption option does not qualify as an accounting hedge under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). Accordingly, the Company carries the Bitcoin redemption option at fair value and any gains or losses are recognized in profit or loss, respectively.

Covered call options

From time to time, the Company has sold options on Bitcoin that it owns (the “covered call options”) to generate cash flows on a portion of its Bitcoin held. These options do not qualify as accounting hedges under ASC 815. Accordingly, the Company carries the covered call options at fair value and any gains or losses are recognized in profit or loss, respectively.

Separated embedded derivative from Investment Tokens

For purchased but yet to be received Investment Tokens, an embedded derivative was identified in and separated from the Token Purchase Agreement (“TPA”) host contract and was accounted for in accordance with ASC 815. The Company accounts for its TPA host contract at cost, while the separated embedded derivative is carried at fair value.

Warrant liability

The Company assumed certain warrants in the ABTC Merger (as defined below) that meet the definition of a derivative under ASC 815, and due to the terms of the warrants, are required to be liability classified. The warrant liabilities are carried at fair value.

Convertible instruments

As noted above in the Company’s Derivatives accounting policy, various embedded derivatives were identified in a convertible instrument and were evaluated and accounted for in accordance with ASC 815. If an embedded derivative is separated from its host contract, the debt host contract is discounted by the initial fair value of the separated embedded derivative and is offset by issuance costs associated with the host contract. The Company accounts for its host contract, whose embedded derivative becomes separated, subsequently at amortized cost, and the discount and issuance costs are amortized to interest expense over the expected term of the host contract using the effective interest method.

Other financial liability

The Company carries its other financial liability at fair value in accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and any gains or losses are recognized in profit or loss, respectively.

Warrant liability

The Company carries its warrant liability at fair value in accordance with ASC 815 and any gains or losses are recognized in profit or loss, respectively.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Income taxes

The Company complies with the accounting and reporting requirements of ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

A valuation allowance is recorded if it is more-likely-than-not that some portion, or all, of a deferred tax asset will not be realized. In evaluating whether a valuation allowance is needed, we consider all relevant evidence, including past performance, recent cumulative losses, projections of future taxable income, and the viability of tax planning strategies. If we subsequently determine that there is sufficient evidence to indicate a deferred tax asset will be realized, the associated valuation allowance is reversed.

The Company will recognize positions taken or expected to be taken in a tax return in the Consolidated Financial Statements when it is more-likely-than-not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. The Company will recognize any interest and penalties related to unrecognized tax benefits in income tax expense. There were no interest or penalties related to income taxes that have been accrued or recognized as of September 30, 2025 and December 31, 2024.

Net income (loss) per share attributable to common stockholders

Basic net (loss) income per share of common stock from continuing operations attributable to the Company and basic net loss per share of common stock from discontinued operations attributable to the Company are computed by dividing net (loss) income from continuing operations attributable to the Company adjusted for the impact of subsidiary warrants exercisable for little or no cash consideration (“Penny Warrant(s)”) issued by a consolidated subsidiary and net loss from discontinued operations attributable to the Company, respectively, by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share of common stock from continuing operations attributable to the Company is computed by giving effect to all potentially dilutive shares of common stock, including stock options, restricted stock units, deferred stock units, performance stock units, and common stock purchase warrants to the extent dilutive under the treasury-stock method, the numerator adjustment from the impact of the warrant liability assumed by a consolidated subsidiary to the extent dilutive, and potential shares of common stock issuable upon conversion of the Company’s convertible note under the if-converted method. Under the if-converted method, net (loss) income from continuing operations attributable to the Company is adjusted by the effect, net of tax, of potentially dilutive shares computed under this method. Contingently issuable shares whose issuance is contingent upon the satisfaction of certain conditions are considered outstanding and included in the computation of diluted net (loss) income per share of common stock from continuing operations attributable to the Company if all necessary conditions have been satisfied by the end of the period or if the end of the period is deemed the end of the contingently issuable shares’ contingency period. In computing potentially dilutive shares of common stock, each class of shares is applied to basic net (loss) income per share of common stock from continuing operations attributable to the Company on a most to least dilutive basis until a particular class no longer produces further dilution, if applicable. Diluted net loss per share of common stock from discontinued operations attributable to the Company is computed by using the same denominator used to calculate diluted net (loss) income per share of common stock from continuing operations attributable to the Company, as previously noted.

Non-controlling interests

Non-controlling interests represent the portion of net assets in consolidated entities that are not owned by the Company and are reported as a component of equity on the Company’s Unaudited Condensed Consolidated Balance Sheets. As of September 30, 2025, non-controlling interests on the Company’s Unaudited Condensed Consolidated Balance Sheets consist of the 19.90% ownership by a third party in Far North and 36.38% ownership by third parties in American Bitcoin Corp. For more details, refer to Note 3. Acquisition of American Bitcoin Corp. and Non-Controlling interest section in Note 14. Equity.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Note 3. Launch of American Bitcoin Corp.

On March 31, 2025, a wholly owned subsidiary of the Company contributed substantially all of the Company’s ASIC miners to American Data Centers Inc. in exchange for an 80% interest in American Data Centers Inc. In connection with the transaction, American Data Centers Inc. was subsequently renamed as American Bitcoin Corp. (“Historical ABTC”). The transaction does not meet the business combination criteria under FASB ASC Topic 805, Business Combinations (“ASC 805”). The net book value of the assets contributed to Historical ABTC was $121.1 million. The Company recorded a non-cash asset contribution expense of $22.8 million related to the non-controlling interest portion of the ASIC miners that were contributed. The Company incurred $1.5 million in transaction costs related to the transaction.

Note 4. Merger of American Bitcoin Corp. and Gryphon Digital Mining, Inc.

On May 9, 2025, Gryphon Digital Mining, Inc., a Delaware corporation (“Gryphon”), GDM Merger Sub I Inc., a Delaware corporation and wholly owned direct subsidiary of Gryphon (“Merger Sub Inc.”), GDM Merger Sub II LLC, a Delaware limited liability company and wholly owned direct subsidiary of Gryphon (“Merger Sub LLC”), and Historical ABTC, a majority owned subsidiary of the Company, entered into an Agreement and Plan of Merger (the “ABTC Merger Agreement”).

On September 3, 2025, in accordance with the terms of the ABTC Merger Agreement, among other things, (i) Merger Sub Inc. merged with and into Historical ABTC, with Historical ABTC surviving the merger (the “First Merger”) as a wholly owned direct subsidiary of Gryphon (the corporation surviving the First Merger, the “First Merger Surviving Corporation”) and (ii) immediately after the First Merger, the First Merger Surviving Corporation merged with and into Merger Sub LLC, with Merger Sub LLC surviving the merger (the “Second Merger” and, taken together with the First Merger, the “ABTC Merger”) as a wholly owned direct subsidiary of Gryphon. Gryphon was renamed American Bitcoin Corp. (“American Bitcoin”) after the completion of the ABTC Merger (the “Closing”).

Upon the Closing, existing shareholders of Gryphon collectively owned, on a fully diluted basis, approximately 2% of American Bitcoin, representing 16,893,390 of Class A common stock of American Bitcoin, with a par value of $0.0001. Historical ABTC’s shareholders prior to the ABTC Merger held 11,002,954 shares of Class A common stock of Historical ABTC and 50,500,000 Class B common stock of Historical ABTC. At an exchange ratio of 14.4995, shareholders of Historical ABTC Class A common stock received 159,537,377 shares of American Bitcoin Class A common stock and shareholders of Historical ABTC Class B common stock received 732,224,903 shares of American Bitcoin Class B common stock, with a par value of $0.0001. The ABTC Merger has been accounted for as a reverse acquisition under ASC 805, with Historical ABTC identified as the accounting acquirer. Accordingly, the Unaudited Condensed Consolidated Financial Statements reflect the historical operations of the accounting acquirer, with the equity structure retroactively adjusted to reflect the legal acquirer’s equity.

The total consideration transferred was greater than the fair value of the net liabilities assumed, resulting in goodwill of $151.8 million.

The purchase price is calculated based on the number of shares of American Bitcoin’s common stock held by Gryphon shareholders at the Closing multiplied by the closing price of American Bitcoin Class A common stock on September 3, 2025, as demonstrated in the table below:


(in thousands, except share and per share data)
American Bitcoin Class A common stock held by Gryphon shareholders		16,893,390
American Bitcoin Class A common stock closing price on September 3, 2025	$	8.04
Purchase price (American Bitcoin Class A common stock consideration transferred to Gryphon shareholders)	$	135,823

The Company incurred $6.1 million in transaction costs related to the ABTC Merger.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes the preliminary purchase price allocation of the ABTC Merger consideration to the valuations of the identifiable assets acquired and liabilities assumed as part of the ABTC Merger:


(in USD thousands)
Cash and cash equivalents	$	894
Prepaid expenses		2,095
Digital assets		86
Property and equipment, net		2,450
Deposits		931
Total assets acquired	$	6,456

Accounts payable and accrued liabilities	$	13,401
Warrant liability		9,011
Total liabilities acquired	$	22,412

Net liabilities assumed	$	(15,956)

Goodwill	$	151,779

The following unaudited pro forma financial information presents the combined results of operations of the Company as if the ABTC Merger with Gryphon had occurred on January 1, 2024, the beginning of the earliest period presented. The pro forma results include adjustments to reflect the acquisition date fair value of assets acquired and liabilities assumed and transaction costs.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
(in USD thousands)
Revenue	$	84,320	$	47,424	$	150,369	$	147,385
Net income (loss)	$	45,894	$	(5,301)	$	37,780	$	157,956

This supplemental pro forma information is not necessarily indicative of what the Company’s actual results of operations would have been had the ABTC Merger occurred at the beginning of the periods presented, nor does it purport to project future operating results of the Company post-ABTC Merger.

Note 5. Discontinued operations

On March 4, 2024, the Company announced the closure of its Drumheller, Alberta mining site after analysis of the Company’s operations. It was determined that the profitability of the Drumheller site had been impacted significantly by various factors, including elevated energy costs and underlying voltage issues. The Company maintains its lease at the site and will consider re-energizing the site if market conditions improve.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The table below outlines the results of discontinued operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in USD thousands)	2025		2024		2025		2024
Revenue:
Compute	$	—	$	—	$	—	$	981

Cost of revenue (exclusive of depreciation and amortization shown below):
Compute		—		—		—		3,895

Operating expenses:
Depreciation and amortization		—		—		—		169
General and administrative expenses		—		—		—		216
Impairment of long-lived assets		—		—		—		6,065
Total operating expenses		—		—		—		6,450

Loss from discontinued operations before taxes		—		—		—		(9,364)

Income tax benefit		—		—		—		—

Net loss	$	—	$	—	$	—	$	(9,364)


	Nine Months Ended
Cash flows from Discontinued Operations	September 30,
(in USD thousands)	2025		2024
Operating cash flows used in discontinued operations	$	—	$	(3,243)


Assets and Liabilities of Discontinued Operations	September 30,		December 31,
(in USD thousands)	2025		2024
Assets	$	173	$	2,320
Liabilities		729		1,699

The Company recorded impairment related to the mining equipment and mining infrastructure at its Drumheller site after the decision to cease operations at the site in March 2024.

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Hut 8 Corp. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Note 6. Segment information

The following table presents revenue and cost of revenue for the Company’s reportable segments, reconciled to the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in USD thousands)	2025		2024		2025		2024
Reportable segment revenue:
Power	$	17,976	$	26,185	$	31,205	$	46,653
Digital Infrastructure		31,859		3,854		48,995		14,962
Compute		70,036		13,609		120,449		61,542
Other		—		87		—		7,929
Eliminations		(36,361)		—		(54,025)		(395)
Total segment and consolidated revenue	$	83,510	$	43,735	$	146,624	$	130,691

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power		7,588		4,991		16,851		14,073
Cost of revenue – Digital Infrastructure		22,909		3,667		38,295		12,627
Cost of revenue – Compute		30,291		8,840		61,279		35,196
Cost of revenue – Other		—		61		—		4,841
Eliminations		(28,458)		—		(43,660)		(395)
Total segment and consolidated cost of revenue	$	32,330	$	17,559	$	72,765	$	66,342

Reconciling items:
Depreciation and amortization		(27,795)		(10,462)		(62,152)		(33,465)
General and administrative expenses		(33,761)		(16,175)		(87,440)		(54,073)
Gains (losses) on digital assets		76,595		(1,552)		181,841		201,180
(Loss) gain on sale of property and equipment		(1,467)		444		(3,609)		634
Foreign exchange (loss) gain		(1,530)		703		1,593		(976)
Interest expense		(8,616)		(7,938)		(24,481)		(20,231)
Asset contribution costs		—		—		(22,780)		—
Gain on debt extinguishment		—		5,966		—		5,966
Gain on derivatives		5,141		2,704		7,600		19,923
(Loss) gain on other financial liability		(237)		—		721		—
Gain on warrant liability		26		—		26		—
Equity in earnings of unconsolidated joint venture		2,192		1,495		4,621		8,457
Income tax provision		(19,019)		(453)		(26,388)		(2,975)
General and administrative expenses eliminations		7,903		—		10,365		—
Net income from continuing operations	$	50,612	$	908	$	53,776	$	188,789

Hut 8 Corp. 10-Q